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Overview

China Development Bank provides $432 million loan to BHAP HK Investment Limited for the acquisition of 100% equity stake in Inalfa Roof Systems Group B.V.

Commitments (Constant USD, 2023)$490,966,768
Commitment Year•2011Country of Activity•NetherlandsDirect Recipient Country of Incorporation•Hong Kong (China)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2011
Start (planned)
Jul 31, 2011
Start (actual)
Jul 31, 2011
End (planned)
Jul 31, 2011
End (actual)
Jul 31, 2011

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned companies

  • BHAP HK Investment Limited

Loan description

China Development Bank provides $432 million loan to BHAP HK Investment Limited for the acquisition of 100% equity stake in Inalfa Roof Systems Group B.V.

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2011, China Development Bank provided a $432 million loan to BHAP HK Investment Limited — a Hong Kong-based investment holding company and subsidiary of Beijing Hainachuan Automotive Parts Co (BHAP), which is itself a subsidiary of BAIC Group (a large Chinese state-owned enterprise) — for the acquisition of a 100% equity stake in Inalfa Roof Systems Group B.V. (a Dutch car sunroof company) from four shareholders, including AAC Capital Partners and Parcom Capital. On June 23, 2011, BHAP announced that the acquisition was approved by China’s National Development and Reform Commission (NDRC) and the transaction was expected to close by the end of July 2011. The acquisition was ultimately completed, but its precise completion date is unknown.

Staff comments

1. The Chinese project title is 国家开发银行向北汽提供的用于收购荷兰英纳法汽车天窗公司的4.3亿美元贷款. 2. Inalfa Roof Systems is one of the world’s largest suppliers of vehicle roof systems. The company focuses on the design, development and assembly of sunroofs and truck hatches markets where it occupies the no. 2 and no. 1 positions respectively worldwide. Inalfa combines its outstanding best-in-class engineering capabilities with a global footprint, with 9 manufacturing facilities located in The Netherlands, the USA South Korea, China, Brazil, Mexico and Slovakia. 3. BHAP, a leading automotive parts and components supplier in China, is a joint venture between Beijing Automotive Group Co., Ltd., the 5th largest automotive manufacturer in China, and Beijing Industrial Development Investment Management Co., Ltd., an investment arm of the Municipal Government of Beijing. 4. For evidence that the acquisition was completed in 2011, see https://www.oblible.com/Prospectus/www.oblible.com__XS1308332508.pdf